With Bitcoin and the majority of the major altcoins seeing a slight increase in value over the past 24 hours, the cryptocurrency market is attempting to retaliate against the recent onslaught experienced earlier in the month. Currently, Bitcoin has encountered resistance near the psychologically significant $17,000 (approximately Rs. 13.8 lakh) level and has gained close to 1.15 percent in the last 24 hours. Its price is now circling around the $17,015 (approximately Rs. 13.81 lakh) mark across international exchanges, while Indian exchanges like CoinDCX value BTC at $18,351 (approximately Rs. 14.89 lakh), which is 0.67 percent higher than what it was valued
The price of Bitcoin is currently $17,017 (roughly Rs. 13.81 lakh) on major international exchanges like CoinMarketCap, Coinbase, and Binance, while data from CoinGecko shows that the value of BTC is currently 8.8% lower than where it was at midweek last week.
Following Bitcoin, the value of Ether, the biggest smart contract token, also increased, but it is still in a bit of a rut where it is neither bullish nor bearish. Around 0.90 percent has been added to the price of ether in the last 24 hours on international exchanges. ETH is currently valued at $1,375 (roughly Rs. 1.08 lakh) on Indian exchanges, where prices have unexpectedly dropped by 0.94 percent in the last day.
With the global cryptocurrency market capitalization figures showing a 0.79 percent increase over the last day, Gadgets 360's cryptocurrency price tracker reveals that most major altcoins also saw a rise in value.
Cardano, Polygon, BNB, Cosmos, Chainlink, and Polkadot all remain in the green, along with Solana, TRON, Avalanche, and Monero, while Uniswap topped the list by increasing in value by more than 6 percent over the past 24 hours.
Shiba Inu and Dogecoin also managed to appear on the green scale in the meme coins category. Shiba Inu is currently worth $0.0000093 (roughly Rs. 0.000758), up 2.04 percent over the past day, while Dogecoin is currently valued at $0.087 (roughly Rs. 7.13) after increasing in value by more than 1.39 percent over the past 24 hours.
The modest recovery midweek comes after new data from the US Labor Department's Producer Price Index report on Tuesday showed a decline in the cost of goods excluding food and energy. Traditional markets were helped by this news. According to experts, this could indicate that inflation has been finally brought under control.
Since US inflation is at a 40-year high, the Federal Reserve has pursued an aggressive policy of raising interest rates, and the cryptocurrency market has largely followed this trend. Due to this, investors are holding on to paper money and stablecoins that are pegged to the dollar rather than risky assets like tech stocks and bitcoin.
